Jakarta: The Central Statistics Agency (BPS) announced today the Indonesian economy grew by 5.01 percent in the first quarter of 2022.
Economic gains continued in the first quarter of 2022, supported by higher consumption, non-building investment and export performance in line with increasing public mobility and improving economic activity.
Several early indicators in March 2022, namely retail sales, consumer expectations and manufacturing PMI, confirmed the ongoing domestic economic recovery.
"Apart from the ongoing recovery, the high economic growth rate in the first quarter of 2022 is also due to the low base effect in the first quarter of 2021," said Head of BPS Margo Yuwono in a video conference on Monday, May 9, 2022.
"Indonesia's economy in the first quarter of 2021 contracted 0.70 percent," he added.
Compared to the fourth quarter of 2021, the country's gross domestic product (GDP) contracted by 0.96 percent.